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(Minor differences may result due to rounding.Prior period information has been revised to reclassify information related to discontinued operations.)

Consolidating Income Statement

Electric

Power

Utility

Generation

Electric

Gas

Power

Coal

Oil and

Inter-Co

Inter-Co

Other Inter-Co

Three Months Ended Sept. 30, 2012

Utilities

Utilities

Generation

Mining

Gas

Corporate

Lease Elim*

Lease Elim*

Eliminations

Total

(in millions)

Revenue

$

151.3

$

63.4

$

1.3

$

6.1

$

24.7

$

—

$

—

$

—

$

—

$

246.8

Intercompany revenue

3.7

—

19.7

8.6

—

47.3

—

0.4

(79.7

)

—

Fuel, purchased power and cost of gas sold

67.0

24.2

—

—

—

—

0.8

—

(29.4

)

62.6

Gross Margin

88.0

39.2

21.0

14.7

24.7

47.3

(0.8

)

0.4

(50.3

)

184.2

Operations and maintenance

34.1

28.3

7.8

10.8

12.1

46.8

—

—

(47.6

)

92.3

Gain on sale of operating asset

—

—

—

—

(27.3

)

—

—

—

—

(27.3

)

Depreciation, depletion and amortization

18.8

6.3

1.2

2.9

12.5

2.8

(3.3

)

3.0

(2.8

)

41.4

Impairment of long-lived assets

—

—

—

—

—

—

—

—

—

—

Operating income

35.1

4.6

12.0

1.0

27.4

(2.3

)

2.5

(2.6

)

0.1

77.8

Interest expense, net

(13.6

)

(5.9

)

(3.2

)

—

(1.1

)

(20.5

)

—

—

18.1

(26.2

)

Interest rate swaps - unrealized (loss) gain

—

—

—

—

—

0.6

—

—

—

0.6

Interest income

1.1

0.5

0.1

—

—

16.2

—

—

(17.5

)

0.4

Other income (expense)

0.2

—

—

0.5

0.1

6.6

—

—

(7.4

)

—

Income tax benefit (expense)

(8.2

)

0.8

(3.8

)

0.2

(9.0

)

2.0

(0.9

)

0.9

—

(18.0

)

Income (loss) from continuing operations

$

14.6

$

—

$

5.1

$

1.7

$

17.4

$

2.6

$

1.6

$

(1.7

)

$

(6.7

)

$

34.6

* The new generating facility constructed by Black Hills Colorado IPP at our Pueblo Airport Generation site which sells energy and capacity under a 20-year PPA to Colorado Electric is accounted for as a capital lease. Therefore, revenue and expense of the Electric Utilities and Power Generation segments reflect adjustments for lease accounting which are eliminated in consolidation.

Consolidating Income Statement

Electric

Power

Utility

Generation

Other

Electric

Gas

Power

Coal

Oil and

Inter-Co

Inter-Co

Inter-Co

Nine Months Ended Sept. 30, 2012

Utilities

Utilities

Generation

Mining

Gas

Corporate

Lease Elim*

Lease Elim*

Eliminations

Total

(in millions)

Revenue

$

452.0

$

314.3

$

3.2

$

18.5

$

67.0

$

—

$

—

$

—

$

—

$

855.0

Intercompany revenue

11.9

—

56.1

24.3

—

143.9

—

1.2

(237.4

)

—

Fuel, purchased power and cost of gas sold

202.2

164.6

—

—

—

0.1

2.4

—

(86.1

)

283.2

Gross margin

261.7

149.7

59.3

42.8

67.0

143.8

(2.4

)

1.2

(151.3

)

571.8

Operations and maintenance

110.2

88.1

22.5

32.1

33.3

135.2

—

—

(139.0

)

282.4

Gain on sale of operating asset

—

—

—

(27.3

)

—

—

—

—

(27.3

)

Depreciation, depletion and amortization

56.4

18.7

3.4

9.6

34.8

8.1

(9.8

)

8.2

(8.0

)

121.4

Impairment of long-lived assets

—

—

—

—

26.9

—

—

—

—

26.9

Operating income

95.1

42.9

33.4

1.1

(0.7

)

0.5

7.4

(7.0

)

(4.3

)

168.4

Interest expense, net

(44.8

)

(20.1

)

(12.3

)

—

(3.9

)

(64.0

)

—

—

63.0

(82.1

)

Interest rate swaps - unrealized (loss) gain

—

—

—

—

—

(2.9

)

—

—

—

(2.9

)

Interest income

6.8

2.4

0.5

1.2

—

48.0

—

—

(57.5

)

1.4

Other income (expense)

1.2

0.1

—

2.0

0.2

30.3

—

—

(31.1

)

2.7

Income tax benefit (expense)

(20.8

)

(8.9

)

(5.6

)

(0.4

)

2.2

3.6

(2.7

)

2.5

0.2

(29.9

)

Income (loss) from continuing operations

$

37.5

$

16.4

$

16.0

$

3.9

$

(2.2

)

$

15.5

$

4.7

$

(4.5

)

$

(29.7

)

$

57.6

* The new generating facility constructed by Black Hills Colorado IPP at our Pueblo Airport Generation site which sells energy and capacity under a 20-year PPA to Colorado Electric is accounted for as a capital lease. Therefore, revenue and expense of the Electric Utilities and Power Generation segments reflect adjustments for lease accounting which are eliminated in consolidation.

Consolidating Income Statement

Electric

Gas

Power

Coal

Intercompany

Three Months Ended Sept. 30, 2011

Utilities

Utilities

Generation

Mining

Oil and Gas

Corporate (a)

Eliminations

Total

(in millions)

Revenue

$

151.0

$

72.7

$

1.0

$

9.2

$

19.2

$

—

$

—

$

253.1

Intercompany revenue

2.7

—

7.1

8.6

—

46.2

(68.2

)

(3.6

)

Fuel, purchased power and cost of gas sold

73.1

33.2

—

—

—

—

(20.2

)

86.1

Gross margin

80.6

39.5

8.1

17.8

19.2

46.2

(48.0

)

163.4

Operations and maintenance

34.8

28.3

4.6

14.2

9.6

41.0

(42.0

)

90.5

Depreciation, depletion and amortization

13.3

6.1

1.1

5.1

7.7

2.8

(2.8

)

33.3

Operating income

33.3

5.1

2.4

(1.5

)

1.9

2.4

(4.0

)

39.6

Interest expense, net

(13.4

)

(7.8

)

(2.2

)

—

(1.5

)

(23.7

)

25.8

(22.8

)

Interest rate swaps - unrealized (loss) gain

—

—

—

—

—

(38.2

)

—

(38.2

)

Interest income

3.7

1.5

0.4

1.0

—

16.4

(22.5

)

0.5

Other income (expense)

0.2

—

—

0.5

—

3.1

(3.1

)

0.7

Income tax benefit (expense)

(8.0

)

1.8

(0.3

)

0.5

(0.2

)

14.9

0.3

9.0

Income (loss) from continuing operations

$

15.8

$

0.6

$

0.3

$

0.5

$

0.2

$

(25.1

)

$

(3.5

)

$

(11.2

)

(a)

Certain direct corporate costs and inter-segment interest expense previously allocated to our Energy Marketing segment were not reclassified to discontinued operations but included in the Corporate segment.

Consolidating Income Statement

Electric

Gas

Power

Coal

Intercompany

Nine Months Ended Sept. 30, 2011

Utilities

Utilities

Generation

Mining

Oil and Gas

Corporate (a)

Eliminations

Total

(in millions)

Revenue

$

431.6

$

402.8

$

2.6

$

23.1

$

55.9

$

—

$

—

$

916.0

Intercompany revenue

9.9

—

20.9

25.8

—

142.1

(203.7

)

(5.0

)

Fuel, purchased power and cost of gas sold

216.9

239.4

—

—

—

0.1

(55.9

)

400.5

Gross margin

224.6

163.4

23.5

48.9

55.9

142.0

(147.8

)

510.5

Operations and maintenance

106.1

91.1

12.9

41.8

30.3

125.8

(129.0

)

279.0

Depreciation, depletion and amortization

39.1

18.0

3.1

14.4

22.6

8.2

(8.0

)

97.4

Operating income

80.2

54.3

7.5

(7.3

)

3.0

8.0

(11.6

)

134.1

Interest expense, net

(40.5

)

(24.0

)

(6.6

)

—

(4.2

)

(69.0

)

75.3

(69.0

)

Interest rate swaps - unrealized (loss) gain

—

—

—

—

—

(40.6

)

—

(40.6

)

Interest income

10.7

4.3

1.2

2.9

—

46.8

(64.4

)

1.5

Other income (expense)

0.6

0.2

1.1

1.7

(0.1

)

32.9

(32.9

)

3.5

Income tax benefit (expense)

(16.4

)

(10.5

)

(1.1

)

1.6

0.7

17.5

0.3

(7.9

)

Income (loss) from continuing operations

$

34.6

$

24.3

$

2.1

$

(1.1

)

$

(0.6

)

$

(4.4

)

$

(33.3

)

$

21.6

(a)

Certain direct corporate costs and inter-segment interest expense previously allocated to our Energy Marketing segment were not reclassified to discontinued operations but included in the Corporate segment.

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